May 7, 2013 / 12:31 PM / 5 years ago

CORRECTED-EU must not raise competitiveness at Germany's cost- Weidmann

(Changes “competing” to “redistributing competitiveness” throughout)

BERLIN, May 7 (Reuters) - European countries should not address their economic weaknesses by “redistributing competitiveness” among them and reducing Germany’s strength, but by raising the bloc’s competitiveness as a whole, Bundesbank chief Jens Weidmann said on Tuesday.

“It’s not about European countries redistributing competitiveness among themselves, it’s about Europe as a whole being more competitive,” Weidmann told reporters at a news conference with the German and French finance ministers and central bank chiefs.

“It’s not about reducing Germany’s competitiveness versus the other countries, who would not benefit from it either. Weakening Germany would just weaken the whole the euro zone.” (Reporting by Stephen Brown and Annika Breidthardt; Editing by John Stonestreet)

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